GM names auto industry's first woman CEO

Under Akerson, GM moved to eliminate some of its historic bureaucracy and inefficiencies, recovered its investment grade credit rating and pared financial losses in its European business. He said history would view him as a "transition CEO."

As Akerson leaves the helm at GM, Ford Motor Co is also on the verge of a possible change at the top. Ford CEO Alan Mulally is on a short list to become the next CEO at Microsoft Corp.

Choosing a successor

Investor reaction to the news was muted: GM shares closed down 1.2 percent at $40.40 on the New York Stock exchange. However, they hit an all-time high of $41.16 on Monday after the US Treasury announced it had sold the last of its GM shares, something investors believe could lead to the restoration of a common stock dividend.

Some investors see a possible dividend as a bigger stock catalyst than a new CEO.

Barra has risen through a series of manufacturing, engineering and senior staff positions, and is currently in charge of reducing the number of platforms on which GM builds its vehicles. Her father worked as a die maker at GM for 39 years.

"The key to General Motors' long-term success is great products," Barra said in a video posted on the company's website on Tuesday.

Speculation on his exit gained steam in April, when GM disclosed in a securities filing that his compensation plan had changed.

GM's board began discussing the succession issue about a year ago, but Akerson's wife's cancer sped up the decision, a person familiar with the board's thinking said. The topic was heavily discussed at the late November board meeting before the plan was finalized over last weekend, said the person, who asked not to be identified.

Some GM employees and analysts said Akerson gave Barra's candidacy a boost in September when he said it was "inevitable" that a woman would one day run one of the US automakers. In addition to the women on the board, GM has several women executives in senior management.

In 2013, women accounted for 4 percent of CEOs in Fortune 500 companies and only 3.3 percent of those at durable goods manufacturers, according to advocacy group Catalyst.org.

GM has not yet disclosed the new CEO's compensation package. Akerson said with Treasury's exit as a shareholder, GM's executive compensation will become more performance-oriented with as much as a quarter tied to quality.

Other executive changes

In other management changes, GM said Chief Financial Officer Dan Ammann, 41, would assume the title of president, while North American chief Mark Reuss, 50, would replace Barra as head of product development. Alan Batey, currently vice president of global Chevrolet, will replace Reuss as head of North America.

Ammann will assume responsibility for managing the company's regional operations around the world, as well as having the Chevrolet and Cadillac brand operations and GM Financial report to him. Analysts welcomed his promotion as it keeps the highly regarded executive in the fold and gives him the operational experience many felt he lacked to round out his resume.

GM did not name a replacement for Ammann as CFO. Ammann will retain his CFO duties through the release of fourth-quarter results in February.

Vice-Chairman Steve Girsky, 51, will move to a senior adviser role until leaving the company in April, GM said. He will remain on the board.

Solso is the former chairman and CEO of Cummins Inc and has been a member of the GM board since June 2012. Guggenheim's Stover expects Solso to be an active chairman at GM.